Myriad Genetics (NASDAQ:MYGN) Downgraded to “Hold” Rating by StockNews.com

StockNews.com downgraded shares of Myriad Genetics (NASDAQ:MYGN) from a buy rating to a hold rating in a research report sent to investors on Thursday.

MYGN has been the topic of several other research reports. The Goldman Sachs Group cut their price target on shares of Myriad Genetics from $14.00 to $8.00 and set a “buy” rating on the stock in a report on Wednesday. Guggenheim downgraded shares of Myriad Genetics from a “buy” rating to a “neutral” rating in a research note on Wednesday, April 9th. Scotiabank decreased their price target on shares of Myriad Genetics from $24.00 to $20.00 and set a “sector outperform” rating for the company in a research report on Tuesday, April 1st. Piper Sandler raised Myriad Genetics from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $11.50 to $12.50 in a research report on Wednesday, March 12th. Finally, Wolfe Research downgraded Myriad Genetics from an “outperform” rating to a “peer perform” rating in a research report on Thursday. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Myriad Genetics presently has a consensus rating of “Hold” and an average target price of $16.04.

Myriad Genetics Stock Performance

NASDAQ:MYGN opened at $3.89 on Thursday. The company has a market cap of $358.55 million, a P/E ratio of -2.99 and a beta of 2.01. The firm’s 50 day moving average is $8.35 and its two-hundred day moving average is $12.50. Myriad Genetics has a fifty-two week low of $3.86 and a fifty-two week high of $29.30. The company has a quick ratio of 1.73, a current ratio of 1.90 and a debt-to-equity ratio of 0.05.

Myriad Genetics (NASDAQ:MYGN) last issued its earnings results on Tuesday, May 6th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. The firm had revenue of $195.90 million for the quarter, compared to analysts’ expectations of $200.37 million. Myriad Genetics had a negative return on equity of 4.51% and a negative net margin of 14.09%. The firm’s revenue for the quarter was down 33.6% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.01) earnings per share. Analysts expect that Myriad Genetics will post -0.3 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in MYGN. Sterling Capital Management LLC lifted its position in shares of Myriad Genetics by 829.9% during the fourth quarter. Sterling Capital Management LLC now owns 2,864 shares of the company’s stock worth $39,000 after purchasing an additional 2,556 shares during the last quarter. GAMMA Investing LLC raised its stake in Myriad Genetics by 520.8% during the first quarter. GAMMA Investing LLC now owns 4,470 shares of the company’s stock valued at $40,000 after buying an additional 3,750 shares in the last quarter. KBC Group NV lifted its holdings in Myriad Genetics by 132.8% during the 4th quarter. KBC Group NV now owns 5,845 shares of the company’s stock worth $80,000 after buying an additional 3,334 shares during the last quarter. CWM LLC grew its position in shares of Myriad Genetics by 600.2% in the 1st quarter. CWM LLC now owns 9,796 shares of the company’s stock worth $87,000 after acquiring an additional 8,397 shares in the last quarter. Finally, M.E. Allison & CO. Inc. bought a new stake in shares of Myriad Genetics in the 1st quarter valued at approximately $93,000. 99.02% of the stock is owned by institutional investors and hedge funds.

About Myriad Genetics

Myriad Genetics, Inc, a genetic testing and precision medicine company, develops genetic tests in the United States and internationally. The company offers molecular diagnostic tests for use in oncology, and women's and pharmacogenomics. It also provides MyRisk Hereditary Cancer Test, a DNA sequencing test for assessing the risks for hereditary cancers; BRACAnalysis CDx Germline Companion Diagnostic Test, a DNA sequencing test to help determine the therapy for patients with metastatic breast, ovarian, metastatic pancreatic, and metastatic prostate cancer with deleterious or suspected deleterious germline BRCA variants; and MyChoice CDx Companion Diagnostic Test, a tumor test that determines homologous recombination deficiency status in patients with ovarian cancer.